Shareholders in venture capital trusts (VCTs) face losing tax privileges in a clampdown by the Gover...
Shareholders in venture capital trusts (VCTs) face losing tax privileges in a clampdown by the Government on managers who flout investment rules. HM Revenue & Customs (HMRC) warned VCT managers last week that it will no longer tolerate breaches of its rules, in particular the requirement to have 70% of assets invested in qualifying holdings three years after launch. Only events out of the control of the trust, such as an investee company going bust, will be acceptable reasons for failing to meet requirements. In a letter to VCT managers, the Revenue said it will no longer accept excuses...
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